New Director Federal Reserve Bank of Richmond

I thought this news release was interesting because it gives a brief background on the organization of the Federal Reserve Bank system.

RICHMOND, Va., Aug. 8 /PRNewswire-USNewswire/ -- The Federal Reserve Board of Governors made the following appointment to the Federal Reserve Bank of Richmond's Board of Directors, effective immediately:

Margaret E. McDermid -- senior vice president and chief information officer, Dominion Resources, Inc. -- was appointed as a Class C director of the Richmond board to fill an unexpired term ending December 31, 2007.

Each Federal Reserve Bank has a nine-member board of directors. Three Class A and three Class B directors are elected to three-year terms by the stockholding member banks, and three Class C directors are appointed to three- year terms by the Board of Governors of the Federal Reserve System.

Class A directors represent the stockholding member banks in each Federal Reserve District. Class B and Class C directors represent the public and are chosen with due consideration to the interests of agriculture, commerce, industry, services, labor and consumers.

The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve District, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.

Some paragraphs were split for easier reading. ~f.m.